munich re News

Munich Re’s Review of 2013 Cat Losses Focuses on Weather-Related Events

In its annual review of loss events in the past year, Munich Re emphasized the “exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan,” which, the report said, “dominated the overall picture of natural catastrophes in 2013. “Floods …

Swiss Re Shares Drop as Reinsurance Renewal Prices Fall: Zurich Mover

Swiss Re Ltd., the world’s second – biggest reinsurer, fell the most in six months in Zurich trading after Willis Re said reinsurance prices slid by as much as 25 percent in the Jan. 1 renewals round. Swiss Re declined …

Best Affirms Ratings of Hartford Steam Boiler Group’s Members

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and the issuer credit ratings (ICR) of “aa+” of the members of The Hartford Steam Boiler Group (HSB). In addition A.M. Best Europe – Rating Services Limited …

Europe 9 Month Nat Cat Losses $23 Billion+; Trending Upwards: Munich Re

A report from Munich Re estimates that losses due to natural catastrophes totaled €17 billion [$23.24 billion] in Europe in the first nine months of 2013, “dominated by flood losses, which accounted for a share of 75 percent.” The world’s …

Munich Re Names Kaufmann Chief Risk Officer

Munich Re announced the appointment of Bernhard Kaufmann (44) to the post of Group Chief Risk Officer, effective as of January 1, 2014. He succeeds Joachim Oechslin, who will be joining the Executive Board of the Credit Suisse Group from …

Alternative Capital Dominates Discussions at Reinsurance Rendez-vous

The 57th Reinsurance Rendez-vous is winding down, and, while it’s been another successful networking opportunity for the re/insurance industry’s movers and shakers, most of the discussions have ended on a note of uncertainty. The elephant in the room this year …

Munich Re Sees Stable Reinsurance Rates in January Renewals

Munich Re, the world’s biggest reinsurer, said it expects stable rates for its property and casualty reinsurance at January price negotiations. “Prices will remain largely stable, chiefly due to the still comparatively low interest rates,” for proportional business in which …

Capital Oversupply Could Pressure Reinsurers to Lower Rates

Munich Re and Swiss Re Ltd. are among reinsurers likely to face further pressure to lower the rates they charge clients as the capital available for backing policies remains near a record high, brokers said. “With the influx of new …

Munich Re Supports Quake Prevention Project in India

Munich Re announced that it is supporting a prevention project in a region in India that is prone to earthquakes. The two-year project in conjunction with GeoHazards International, is aimed at protecting people, buildings and infrastructure in Aizawl, a city …

Court Says Trial Must Decide Travelers, Reinsurers Asbestos Case

New York state’s highest court on Thursday said a trial must determine whether Travelers Cos. deliberately structured a nearly $1 billion asbestos settlement to force its reinsurers to pay more than their fair share. The ruling, the latest development in …